What to do if a real estae transaction has not been paid off in full?
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What to do if a real estae transaction has not been paid off in full?
My mother in law in 78 and has begun to show signs of Altziemers. I have been trying to help her go through important paperwork, etc. I discovered that she sold 2 houses 6 years ago but was never paid in full. I then went on-line and discovered that there are businesses being run from one of the properties in her name. Is there a way I can get these properties back for her? What steps should I take. She is living on social security.
Asked on October 12, 2011 under Real Estate Law, Florida
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
If your mother is showing signs that she cannot manage her affairs but is capable of signing a power of attorney naming you as her attorney in fact to take care of her assets (and knows what the power of attorney is), then I suggets that you and your mother consult with an attorney experienced in real estate to possibly draft such an agreement to be signed by your mother before a notary public.
If your mother is capable of signing such a document and names you as her attorney in fact with broad designated powers to manage her business affairs, then you can do what is needed to be done to make sure your mother is paid on those real estate transactions that you have written about and make sure that she is not being taken advantage of.
Good luck.
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